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Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income.
Historically, the FRA was age 65. The 1983 Amendments to the Social Security Act gradually increased the FRA and, for individuals born in 1960 or later, the FRA is 67. The early retirement age (age 62) has not changed, but the monthly benefit amount paid at the early retirement age is lower if a person has a higher FRA.
1983 - Social Security Amendments of 1983, Pub. L. 98–21 This document describes the massive 1983 changes affecting the financing of the Social Security system. 1984 - Social Security Disability Benefits Reform Act of 1984 , Pub. L. 98–460
The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments ...
By 2033, Social Security may only be able to pay out 79% of benefits to seniors unless lawmakers act. Lawmakers may be able to use a maneuver and delay things until 2035, but there are few options ...
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
The National Commission on Social Security Reform, also known as the Greenspan Commission due to its chairmanship by Alan Greenspan, was a commission that was appointed by the United States Congress and President Ronald Reagan in 1981 to study and make recommendations regarding the short-term financing crisis that Social Security faced at that time. [1]
The Social Security Fairness Act is a bill that, if passed, would eliminate two key provisions that limit benefits to some recipients: the Windfall Elimination Provision (WEP) and the Government ...